'The first time ever in my career': Senior Citi executive on why the ultrawealthy want to diversify away from America

Key Points:

• Wealthy Americans are increasingly seeking to book assets outside the U.S. for lifestyle enhancement and political stability, rather than fully expatriating, according to Darlene Patterson of Citi Wealth.
• Citi Wealth's report projects over $3 trillion will flow into key financial hubs like Hong Kong, Singapore, Switzerland, UAE, and the U.S. by 2029, driven by desires for family lifestyle, business growth, and protection against policy risks.
• The trend reflects a broader global shift, with wealthy individuals acquiring additional residencies or golden visas in countries such as Italy, Portugal, and Australia, emphasizing diversification rather than abandoning the U.S. entirely.
• Family offices and new billionaires increasingly request international asset booking and direct private investments, signaling a proactive and strategic approach to wealth mobility beyond traditional offshore trusts.
• Despite diversification, the U.S. remains a central hub for global wealth due to its rule of law and vibrant capital markets, attracting capital from geopolitically sensitive regions and maintaining a significant share of global millionaires.